EV Sales In China Benefit From Stimulus Package, Firms Report ‘Best Golden Week’ In Years

In a post on Wechat, Zhu Jiangming, CEO, Zhejiang Leapmotor Technology, said that the company got record high orders for 17,000 units in the first week of October

Electric vehicle sellers in China reaped in the benefit of the latest stimulus package given to the economy and recorded the ‘best Golden Week in many years’ during the week-long National Day holiday. 

The multi-pronged stimulus package infused in the Chinese economy helped give a boost to EV sales in the country, multiple manufacturers revealed, reported Bloomberg. Zhou Jinkai, marketing director, General Motors Co, SAIC Motor Corp and Wuling Motors Holdings’ joint venture, said that the brand witnessed the best Golden week this year in terms of sales. 

The executive in a post on Chinese social media platform Weibo said, “The stock market is up, and the car market is up!”

Multiple industry executives shared the sentiment and revealed their sales figures for the week-long holiday. In a post on social media platform Wechat, Zhu Jiangming, CEO, Zhejiang Leapmotor Technology (Stellantis NV’s Chinese electric car partner), said that the company got record high orders for 17,000 units in the first week of October.

Lei Jun, Chairman, Xiaomi Corp, revealed that his firm received a deposit for over 6,000 SU7 EVs in the last seven days. This was more than half of the company’s average monthly deliveries.

The Chinese economy saw an infusion of a major stimulus package in late September. The package has been successful in boosting the consumer sentiment in the economy after the stock market witnessed a major rally, the report noted. 

However, it is to be seen if this push to the Chinese economy can help completely reverse the overall trend of a plunge in spending related to the auto sector. This spending declined 2.4 per cent in the first eight months of the year in comparison to a year earlier, the National Bureau of Statistics revealed.

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